min
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Post by min on Jan 31, 2017 14:47:19 GMT
We have been in contact with the Insolvency practitioner dealing with this situation who has advised us that they are still compiling a Statement of Assets and Liabilities and Income and Expense statements for the Guarantors prior to advising creditors of their proposals for debt reduction. We will update you further once this information comes to hand. Presumably that's the well known Insolvency Practitioners, Snail and Son
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adrianc
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Post by adrianc on Jan 31, 2017 14:51:50 GMT
Presumably that's the well known Insolvency Practitioners, Snail and Son Nah - they merged with Obfuscate, Dither and Prevaricate.
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adrianc
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Post by adrianc on Feb 28, 2017 17:17:45 GMT
Presumably that's the well known Insolvency Practitioners, Snail and Son Nah - they merged with Obfuscate, Dither and Prevaricate. And, just to prove it... The Insolvency Practitioner is waiting on some final pieces of information prior to completing the draft statement of affairs. We will provide an update when the next steps are agreed.
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pip
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Post by pip on Feb 28, 2017 18:57:11 GMT
Anybody think a default is in order? Not lending crowd, this is another one to add their not defaulted stats. Quite right too I am sure we will get at least 1p in the £.
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adrianc
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Post by adrianc on Feb 28, 2017 22:33:18 GMT
Anybody think a default is in order? Not lending crowd, this is another one to add their not defaulted stats. Quite right too I am sure we will get at least 1p in the £. It's certainly an unusual definition of default. Borrower in liquidation? Tick. Borrower assets minimal? Tick. Personal guarantors insolvent? Tick. Four and a bit months after the shutters come down... defaulted? Tick. Umm, no.
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adrianc
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Post by adrianc on Apr 3, 2017 17:02:46 GMT
Anybody think a default is in order? Not lending crowd, this is another one to add their not defaulted stats. Quite right too I am sure we will get at least 1p in the £. It's certainly an unusual definition of default. Borrower in liquidation? Tick. Borrower assets minimal? Tick. Personal guarantors insolvent? Tick. Four and a bit months after the shutters come down... defaulted? Tick. Umm, no. Ta da! No sooner said than done... Well done, lendingcrowd, for your responsiveness... We are advised that proposals in regard to the IVA for the Guarantors will be presented to the Creditors in very early course. We understand from our preliminary discussions that a reasonable recovery will be achieved. Notwithstanding this, as matters in terms of the actual recovery process are likely to become protracted we consider it appropriate to mark this loan as a loss. As recoveries are achieved your accounts will be credited as appropriate.
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adrianc
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Post by adrianc on May 2, 2017 14:52:05 GMT
Another month, another comment... Oh, deep glee! What exciting prospects of imminent repayment? We regret to advise that we are still waiting on the proposals in regard to the IVA. An update has been requested and once we receive a response we will advise accordingly. Oh.
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pip
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Post by pip on May 2, 2017 15:38:30 GMT
Another month, another comment... Oh, deep glee! What exciting prospects of imminent repayment? We regret to advise that we are still waiting on the proposals in regard to the IVA. An update has been requested and once we receive a response we will advise accordingly. Oh. I have written this one off, in my opinion almost no chance of recovery, small business in liquidation and guarantors in insolvency proceedings, forget it! Of more interest is how a certain buildings repair company has still not been defaulted, last payment was Jan 2016 and it's now May 2017! How long will the guarantor have to sell the house, two years, five years, ten years!? Default it and start bankruptcy proceedings. Time has taught me waiting on these things usually is not the best. The guy seems slippery, oh actually no make that clearly somebody who plays the system. He owns a new company advising on dealing with keeping creditors at bay!!!!
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adrianc
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Post by adrianc on May 2, 2017 15:45:16 GMT
The guy seems slippery, oh actually no make that clearly somebody who plays the system. He owns a new company advising on dealing with keeping creditors at bay!!!! Plenty of expertise to draw upon!
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ozboy
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Post by ozboy on May 2, 2017 15:50:58 GMT
The guy seems slippery, oh actually no make that clearly somebody who plays the system. He owns a new company advising on dealing with keeping creditors at bay!!!!Plenty of expertise to draw upon! Perfect P2P Borrower!
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adrianc
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Post by adrianc on Jun 6, 2017 13:56:31 GMT
We have an update! The IVA is now proceeding. The Guarantors property will be exposed for sale and the amount of recovery will in the main be determined by the eventual sale proceeds less fees etc.
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r00lish67
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Post by r00lish67 on Jun 6, 2017 14:05:22 GMT
Oh yes, that reminds me, we're due another update on our favourite cockroach infested family restaurant borrower last heard of going into Bankruptcy proceedings in March - will give them a shout.
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pip
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Post by pip on Jun 6, 2017 14:10:03 GMT
We have an update! The IVA is now proceeding. The Guarantors property will be exposed for sale and the amount of recovery will in the main be determined by the eventual sale proceeds less fees etc. I'll believe it when I see the cash. So far their recovery efforts have resulted in £0 being returned to investors. And then we have the loan that is almost a year and a half late, the company has been wound up, but for some reason hasn't been defaulted!
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adrianc
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Post by adrianc on Jun 6, 2017 14:16:27 GMT
Oh, the cynicism is just so strong around here... Poor lendingcrowd...
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Steerpike
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Post by Steerpike on Jun 6, 2017 14:29:46 GMT
I have completely written off this one and M***** B******* S******* L** and A****** and am now out showing XIRR of 11.04% (thanks to the promotion) over just under two years.
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